Long-term performance and transfer of shares on the Tunisian Stock Exchange
Bibliographic record
Abstract
In this study, we examine the long-run performance of a sample of 32 Tunisian crosslisted firms on the Tunisian stock exchange over the period 1992-2006. We use several approaches and conduct robust tests. We observed a strong underperformance of 32 percent over the 36-month period following the listing, when the buy-and-hold abnormal return measure is used. The underperformance is preceded by a positive and significant return of about 20 percent on the first 5 days of listing, which persists for 6 months. We also assess the role of governance variables. The agency theory explains the behaviour of controlling stockholders when transferring stocks. Considering other control variables shows that the hypothesis of the window opportunity explains the underperformance and that the ex-ante uncertainty, measured by the age of the newly listed firm, participate in the deterioration of the long-term stock performance.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".